Pig Butchering Scam: What you need to know about text messages from the unknown.

Pig Butchering Scams: Protecting Our Loved Ones from Financial Predators 

As a managed IT services provider, we believe in safeguarding our community from all kinds of threats, including those lurking in the digital realm. Today, we're shedding light on a deceptive practice known as the **"Pig Butchering" scam**. Don't let the quirky name fool you—this scam is no laughing matter. It preys on unsuspecting individuals, often leaving them financially devastated. 

What Is a Pig Butchering Scam? 

Imagine fattening a pig before slaughter. In the world of scams, the "Pig Butchering" scheme follows a similar pattern. Here's how it works: 

1. **The Initial Contact**: You receive an unexpected message—via text, social media, or messaging apps—from a stranger. They might claim to have found your name in their contacts or express interest in developing a friendship. Beware of seemingly harmless interactions. 

2. **Building Trust**: Over days, weeks, or even months, the fraudster engages in friendly conversations. They share personal stories, photos, and details that mirror your own life. Their goal? To gain your trust and establish rapport. 

3. **Steering Toward Investments**: Eventually, the conversation shifts. The scammer subtly introduces investment-related topics. They might ask if you have an investment or crypto account. This is where the danger lies. 

4. **Creating Illusions**: The fraudster paints a rosy picture. They claim to have connections at reputable financial institutions, promising lucrative investment advice. They might even share screenshots of their supposed brokerage accounts, showing impressive gains. It's all smoke and mirrors. 

5. **The Hook**: Once you express interest in investing, the scammer sharpens their knife. They verify that your brokerage account can trade in specific securities. Then they provide instructions: which company to invest in, the quantity, and the price. 

How to Detect a Pig Butchering Scam? 

1. **Unsolicited Messages**: Be wary of random messages from strangers. If someone contacts you out of the blue, especially about investments, proceed with caution. 

2. **Too Good to Be True**: If an opportunity seems too good to be true, it probably is. Scammers use falsified dashboards and fake claims to lure victims. 

3. **Verify Credentials**: Never trust screenshots or claims without verification. Research the alleged financial institution independently. 

4. **Pressure Tactics**: Scammers may create urgency, urging you to invest quickly. Take your time and seek advice from trusted sources. 

Protecting Our Community 

1. **Educate**: Share this information with family, friends, and colleagues. Awareness is our best defense. 

2. **Verify Before You Trust**: Encourage loved ones to verify any investment opportunity. Remind them that trust should be earned, not assumed. 

3. **Report Suspicious Activity**: If you encounter a potential scam, report it to relevant authorities. Together, we can dismantle these schemes. 

Remember, the Pig Butchering scam thrives on trust and manipulation. By staying informed and vigilant, we can shield our community from financial predators. Spread the word, and let's protect one another! 🛡️ 

*Disclaimer: This blog post serves as a public service announcement. The information provided is for awareness purposes only and does not constitute financial advice. Always consult a qualified professional before making investment decisions.*¹²³ 

**References:** 

1. [FINRA.org: ‘Pig Butchering' Scams: What They Are and How to Avoid Them](https://www.finra.org/investors/insights/pig-butchering-scams) 

2. [Wikipedia: Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam) 

3. [NordVPN: What is a pig butchering scam and how it works](https://nordvpn.com/blog/pig-butchering-scam/) 

Source: Conversation with Bing, 3/5/2024 

(1) ‘Pig Butchering' Scams: What They Are and How to Avoid Them. https://www.finra.org/investors/insights/pig-butchering-scams. 

(2) Pig butchering scam - Wikipedia. https://en.wikipedia.org/wiki/Pig_butchering_scam. 

(3) What is a pig butchering scam and how it works | NordVPN. https://nordvpn.com/blog/pig-butchering-scam/. 

(4) $75 Billion Lost to Pig-Butchering Scam, New Study Estimates. https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/.